02-22-2022, 07:32 PM
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Digital currencies took a beating Tuesday as geopolitical tensions over Ukraine roiled global markets.
Bitcoin sank as low as $36,370 in early morning trade, its lowest level in more than two weeks. The world’s biggest cryptocurrency later pared its losses, last trading down 3% in 24 hours to a price of $37,495.
Other digital assets also tumbled, with ether falling 4% and XRP sinking 10%.
Analysts attributed the drop to escalating tensions over the Russia-Ukraine crisis. Russian President Vladimir Putin on Monday ordered troops into two breakaway regions in eastern Ukraine, moments after declaring them as independent.
The move has fueled fears of a full-blown invasion, sending global stocks sharply lower as traders’ appetite for risk declines.
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